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CRM tactics to win back former client
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CRM APPROACH TO WIN BACK FORMER CLIENTS

crm tactics to win back former client

 

Best Customer Retention Strategies to Recover Lost Customers

Business prosperity is directly related to customer loyalty and customer recovery is an important factor of success.

A LOST CUSTOMER IS NOT NECESSARILY A LOST CAUSE

There are ways to rebuild the bond. The question is

HOW DO YOU RECOVER LOST CUSTOMERS?

1. ANALYZE

Study the reasons behind the client’s problem with your company. This will help you decide if you actually want the customer back, and if so, find out the best way to get them back. if they aren’t with you anymore they usually are clients who:
Companies on average lose 50% of their customers every five years
  • Are intentionally pushed away: you don’t want them any more
  • Are unintentionally pushed away: they felt offended or angered
  • Are pulled away: a competitor has offered them a better value
  • Are bought away: a competitor has offered them lower prices
  • Moved away physically relocated
  • Slowly drifted apart…
Ask yourself: Are all the reasons individual or are any of them frequently observed?

2. IDENTIFY

Define the target.
Develop a “Most Wanted” list of the most lucrative clients you may have lost.
On average recovered customers means a higher profit potential.
Take into account probability of recovery, client attractiveness and further client’s durability

3. RESEARCH

You must know, don’t assume, the present needs of your best win-back candidates. Use any usual methods:
Research online
Study their website
Talk to anyone in the know to gather information.
66% of clients defect due to poor client care
Gather information and refocus your business development efforts on re-engaging past clients

4. IMPROVE

Make better: the business, the products the service.
Customers seldom come back on their own so offer incentives and make adjustments to better suit the client’s needs.
Improvements take time, effort and money. You must remember that this will help, not only to get back clients but to increase client retention as well.
It is five to ten times more costly to acquire a new client than retain current one
5% increase in client retention can increase profits by nearly 100%
Be creative customers can be recovered only if the reason of the problem is solved

5. COMMUNICATE

Lost clients need to feel like your communication is molded around to their particular circumstances, history, and current needs.
Re-contact your best win-back candidates and invite them to return:
  • Admit your mistakes
  • Apologize for any inconvenience or misunderstanding they might have with your firm in the past.
  • Explain what you’ve done to change since you last worked with them
  • Ask for another chance and give them plenty of reasons to like you again.
  • Be honest, sincere, and accountable.
MASS MARKETING – No relationship
TARGET MARKETING
CRM – Deeper relationship
Create a communication plan that restores confidence.

6. USE CRM TECHNOLOGIES TO THE FULLEST

Most companies have spent a lot on CRM technology. CRM is a very useful tool and so much of it sits underused or even idle.
Think carefully about how you can get more from your CRM technology investments.
Focus on doing the right thing. That may mean changing data flows, work processes or work routines to really make use of the technology’s capabilities.
Promise a lot. Deliver more.

7. MAKE IT EASY

Help former customers feel good about returning.
  • When the client comes back thank them profusely. Everyone likes to be thanked.
  • We enjoy believing that we make a difference and knowing we are appreciated
  • When they call, sound happy to talk to them.
  • If you meet the face to face, shake their hand and give them a big smile.
  • This will remind them why they wanted you in the first place.
  • Emphasize your commitment to individual service on each account.
  • You might even offer a discounted rate on their first comeback project as compensation for past difficulties.
Show appreciation to your lost/recovered clients and give them the sense of being important.

8. NURTURE

Once you have them back, keep them and the treasure them.
Winning back a customer or an account is only is half the battle.
Now you have to continue servicing that customer with excellence:
  • Monitor their use of your products and services and make sure that their experience is going great.
  • Ask for client feedback. Be an active listener (not preacher), this may help you to find out what worked and what didn’t
  • React quickly when it doesn’t work out.
  • Keep your records up to date, and let your customers know you appreciate them and their business.
  • Keep your recovered customers with the company e.g. by intensified involvement in product development quality improvement, etc.
Ask yourself what can I do to make the relationship better?
Get started today.
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